Updated almost 2 years ago on . Most recent reply
Rent reduction after not much attraction from market
Hi,
How long after posting your rental property on Zillow etc do you decide to reduce the price? What are the considerations? Consider the current asked price is normal price or maybe a just a bit above the norma rent price but better quality for that area. Currently there are 3 applications but not promising yet.
Thx!!
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#1 Tenant Screening Contributor
- Rental Property Investor
- Hanover Twp, PA
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#1 Tenant Screening Contributor
- Rental Property Investor
- Hanover Twp, PA
@Ayyoub Feza, if you're asking the question you probably should have already done it!
Keep in mind, market rent is NOT only the price where you can attract a good tenant but also KEEP THEM!
If you rent at the top dollar, you may experience excess vacancy/turnover expense. So much so, that renting at a LOWER rate could actually net you MORE money in the long run! Something to keep in mind a monthly rent price means almost nothing. What counts is what you actually put in your pocket and are able to keep.